This legislation would exempt from state property taxes any property purchased, constructed or installed to expand capacity at an existing nuclear plant or to build a new nuclear plant. A qualifying new nuclear plant must be within three miles of an existing reactor. Expanded capacity must increase an existing facility's capacity by at least 10 percent. Eligible projects that add nuclear capacity must be started after December 31, 2006. Property tax exemption begins at the start of construction or installation of the property and continues for 10 years after the construction or installation is complete. If new nuclear capacity that is already expanded or operating is purchased, the exemption is for 10 years after purchase.